Hurricane Laura property damage estimates range from $8B to $12B

    Hurricane Laura caused as much as $12 billion in wind and surge damage to more than 500,000 insured residential and commercial properties, according to property data analysis firm CoreLogic.

    The vast majority of property damage occurred in southwest Louisiana, where Laura made landfall early Thursday as a Category 4 hurricane with 150 mph winds, The Daily Advertiser reports. 

    The majority of the residential and commercial insured property losses were due to wind and storm surge, according to CoreLogic’s post-landfall estimates. Louisiana’s estimated damage ranges from $8 billion to $12 billion, while damage in Texas was estimated at $550 million.

    The estimated losses would top the $6.4 billion in insured property damage from Hurricane Rita in 2005. Hurricane Harvey’s insured losses totaled $19.6 billion in 2017 and Hurricane Katrina in 2005 totaled $86 billion, according to insurance industry totals.

    Laura weakened as it moved over land, which helped reduce damage in some areas. Read the full story.